OV, Drilling For More Gains?
Good day everyone. It’s been a while since my last post but I’m back to give my two cents on a couple of stocks that could potentially have more upside despite the market’s continued run-up. By the way, the PSEi is bound for a bearish reversal soon… Sike! Happy April Fools Day!
Majority of the companies listed in the Philippine Stock Exchange have more or less made an upward move already. So I asked myself a question, “If I am to invest now, where will I place my money?” Obviously I scanned through the charts of several stocks and I still found quite a handful. One of them is the Philodril Corporation or OV.
Well from a technical point of view, OV looks to be on a verge of another steep up move as it sits on a beautifully drawn symmetrical triangle. OV could even be coming from a tall bullish pennant pattern upon zooming out its chart. In any case, a breakout from the formation could send it all the way to Php 0.080/share ( as gauged by the height of the ‘pole’). On the flip side, a failure to move past Php 0.055 or a move below Php 0.50 could pull it back to Php 0.040.